Levy on gold could be budget windfall, U.S. lawmakers say

The gold bug in me says, "hell yeah, tax em, that only means my PM's will rise in value!"
but then the libertarian in me says "taxes are bad, mmkay."

Plus, something tells me this basically only means more FRNs conjured from thin air. Cant put it together, but taxes are not actual wealth creation, so all this would do is make more fake money, which in turn would cause PM's to rise even higher.

Looks like they are speaking about federal lands. If it looks like this thing is going to pass, I will jump out of most of my mining stocks and stick everything into GTU and PHYS. Once they start, they won't stop.

lol. As if the mining industry wasn't under enough pressure with rising energy costs and lowering ore grades. Raising taxes is just going to raise their costs and ultimately dampen production (which in turn should constrain supply and lead to rising prices).

Edit: Just read the article more carefully. The proposal is for raising taxes on metals mined from Federal lands. I'm not sure how much impact that would have on mining companies.

Last edited by Bern; 12-13-2012 at 06:43 AM.

I compiled a "brief" history of events since October 2008 that are defining the global currency war and the role that gold is playing:

As if miner's share prices haven't been under enough pressure for the past couple of years.

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I am sure that is in the works, once they realize their toilet paper is worthless without it.

Less than 20% of the gold was ever turned in and that is a government statistic so probably cut that in half. The 90% told the government to go pound sand on the gold turnover. They would be lucky to get 5% this time around. But that is not going to happen. It is simply too inconsequential.

They will go after the 401K's and IRA's..... you can bet on that one. The federal politicians and Federal Reserve boys are salivating at the thought of a couple trillion just sitting there and belonging to the naive sheeple.

How are they going to do this? Do you really think it is possible to take over everyone's 401k/IRA and liquidate part of all of them and fill them with USTs?

They start with raising taxes/penalties for removal to the point they have your money hostage. Actually they don't really need much beyond this to capture the 401K's legally. They simply make it too costly for you to remove your money.

Then they start forcing the 401K's into Treasury Bond purchases because at some point the FED balance sheet will get too big to hold all the bogus bonds they are buying. NOBODY will step in to buy those bonds. We are stringing out the lender of last resort with the FED. Without someone buying the worthless T bonds the federal government is toast. They certainly are not going to extort another $1.5 trillion a year plus bailouts, plus natural disasters, plus more wars etc etc etc from taxpayers. They are also not going to cut all this crap.

At some point they will probably do a crash on the stockmarket which will drive the 401K's into a "safer" market..... Treasury Bonds. The government will keep our 401K's safe from financial terrorists etc. The Chinese could also crash the markets by cashing in a trillion or two in Money Market accounts etc they have in the US. They threatened this in 2008 and the FED bought them off.... with what nobody knows.

This is just a couple of many scenarios. They lock the 401K's in with taxation/penalties then they attack them with some bogus strategy "for the good of all" "to stop the terrorists" "to prop up the Too Big To Fail financial institutions" " to help the government" "to keep the entitlements going" etc. The sheeple would suck up any one of these given a moderately orchestrated "event" which these people are great at.